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The African Development Bank (AfDB) has committed $80 million in loan financing for the Ekiti Knowledge Zone (EKZ), a special economic zone project designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries in one location.

The Ekiti State Government, in Southwest Nigeria, is committing $14.8 million in counterpart funding to complement the AfDB’s financing for the $94.8 million project. According to the African multilateral development bank, EKZ is a bold step to transform the state into a hub for digital innovation and knowledge economy.

Spanning 40 hectares of land, the EKZ aims to catalyse digital entrepreneurship, promising to generate 26,000 jobs and inject $14 million annually into the economy upon completion.

The project entails the development of world-class infrastructure, creating a 20-hectare green technology park and providing roads, electricity, water supply, and wastewater treatment facilities. It plans to provide information and communication technology training for over 19,000 young people in Ekiti and its neighbouring states.